That's BSFor all you lurkers...my family legally immigrated from S.America.Jay knows how hard it is to get a license here in CA and keep it legal.The illegal contractors drive up our bond rates, liability insurance etc.

If you really want one then I would have one drafted by an attorney to make sure you are square on all issues, liabilities, scheduling etc.  

Hold the property in the LLC's name for liability shielding, and use it for rent collection, expense management, and centralized operations.

In that case, you don’t have to file an Illinois return and we will withhold your Illinois tax liability (equal to 4.95% for Estates/Trusts & 7% for Entities of your Illinois income) from the April distribution.

Your primary insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

Set up an LLC in the property’s state for liability protection, and consider a parent LLC if needed.

The main factor is will rents cover the debt liability and can you sustain 3-4 months of no income to cover the debt? 

Hiring a company to demo would remove my liability of any violations.

But, they have ZERO liability for the performance of that tenant.Second, 97%+ have no idea on how to screen a tenant, other than income = 3x rent and a credit score.

You might even be able to get out from under the built up tax liability.With your asset amount, maybe its possible to sell out / 1031 to a REIT, and still cash out leaving behind the tax liability.